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#911263 - 02/27/08 11:26 AM Visa and change in ISA fee
ComplianceisOK Offline
100 Club

Registered: 01/31/05
Posts: 167
Loc: Dickinson, ND
I recently received information from our debit card processor about Visa changing how the ISA (International Service Assessment) fee will be handled. Has anyone seen any other information? They mentioned an effective date of April 2008.

General Discussion
#916587 - 03/06/08 03:17 PM Re: Visa and change in ISA fee [Re: ComplianceisOK]
MadisonCali Offline
Power Poster

Registered: 06/02/06
Posts: 2515
The beatings will continue until morale improves...

#918130 - 03/08/08 12:48 PM Re: Visa and change in ISA fee [Re: MadisonCali]
Massergy Offline
New Poster

Registered: 02/12/08
Posts: 8
Loc: Austin, Texas
ISA fees for foreign transactions done in a single currency will be 0.8% effective in April. The fee of 1% for multi-currency transactions will not be changing.

Single currency would be if you were in a foreign country and transacted a purchase with your card in dollars. When I was on my honeymoon in Aruba last year, a lot of the fast food places ran transactions in I was never charged a fee for those. That will change in April.

As an institution, you can choose to absorb those new fees and not pass them through to the customer. If you choose this route, I believe there would not be a disclosure issue, but I'm not 100% on that.

Passing the fee along to the customer will require an update to the disclosure and some sort of mailed notification. Consult your legal counsel as to how to proceed. You'll also have to consult your in-house software host/vendor in order to set up a new fee table so that your debit cardholders are charged correctly.

Edited by Massergy (03/08/08 12:52 PM)